TOMBOLA; REVOLUTIONIZING THE LOTTERY INDUSTRY VIA THE BLOCKCHAIN TECHNOLOGY

Lottery can be simply described as a reward system in which participants are required to purchase numbered tickets to first of all qualify to participate and speculate certain numbers correctly in line with the winning numbers in order to win a prize. This prize ranges from cash prizes to physical assets like cars, refrigerators and so on. Lottery is basically concerned with guessing correctly to win prizes.

OVERVIEW

Making money has been one of the major concerns of individuals because it is with the use of money that we can get to acquire the basic necessities of life from food, clothing and shelter.

It is drawing from this concern that reward systems like reality game shows and the rest have been put in place rewarding participants with cash and other consolation prizes thereby making life easier for them.

One of such prominent reward systems is the lottery industry. Like I said earlier the lottery industry is a system that rewards participants by their ability to guess correctly. Through the lottery industry many persons have won a lot prizes, most persons have made a fortune from the lottery industry which as a result as endeared it to many persons.

According to reports, the lottery market has continued to grow at an exponential rate, reaching $294.3 billion in 2016 from $178 billion in 2004, $230 billion in 2010 and $263.4 billion in 2013. It is also still expected to grow at compound annual growth rate of 9.44% in years ahead. This stats, signifies the potentials contained in the lottery market.

Overtime the problem of fairness, transparency, and security has continued to plague the lottery industry. Example was the case of a sports lottery in 2004 in China, where a 19 year old boy won BMW car but was wrongly sued for forging the lottery ticket when he went to redeem the prize and this was a mistake on the part of the lottery company.

The advent of digital currencies, blockchain technology the problem of transparency, fairness and security has been nipped in the bud. It is as a result of this that the Tombola vision was borne.

Tombola is a lottery platform that utilizes blockchain technology to provide a fair, transparent and secured lottery service to users.

You will agree with me that a whole lot of individuals live on lottery and any platform that goes as far as making the platform efficient will experience huge success.

PROBLEMS FACED BY THE TRADITIONAL LOTTERY INDUSTRY

In times past, the traditional lottery industry has been associated with the following problems, some of which include:

Lottery companies under the traditional lottery industry were biased in deciding winnings. Example is the illustration given above about the 19 year old boy who was cheated by the lottery company as a result of being accused of forging the ticket.

Existing platforms were not secured enough as there was room for manipulation of winnings in favour of individuals and organizations. An instance is also the case of Tipton an information security agent who manipulated the lottery results by installing a self-destructing malware code on the computer that generated the random numbers.

Lottery companies only gave out 50% percent of the winnings to winners while the remaining amount could not be accounted for which showed lack of transparency on their part.

SOLUTION AS DESIGNED BY THE TOMBOLA TEAM

Tombola, a lottery platform seeks to utilize the following strategies to provide solution to the problems faced by the traditional lottery industry, some of them include:

The Tombola platform utilizes blockchain technology to provide a system whereby the history of every user transaction is recorded so as to enable for easy verification of winnings which allows for fairness.

The platform also utilizes smart contracts which makes playing lottery with TBL tokens free from third party interactions, thereby making transactions secured.

Tombola intends to make a social contribution to charity using part of the funds (TBL tokens) collected from users who will have been pre-informed about this before joining the platform.

Tombola platform will adopt blockchain technology and utilize smart contracts in providing fair, transparent and secured lottery service to users. This is the first of its kind and it will be the best thing that will happen to the lottery industry.

Tombola is simply the future of lottery services and anybody who partners with Tombola project is indirectly partnering with the future of lottery services and you know what? Lottery service is not going into extinction, not now, not ever! And this is due to the fact that most businesses use it as a means of promoting their businesses and a whole lot of individuals depend on it to make out a living from playing lottery.

Final Thought

There are lots of ICO projects out there but not all are genuine, not all has real life applications, not all has any tangible positive effect on humanity. I always advice my audience to grab the opportunity when they come in contact with any ICO project with real life application and great positive impact on humanity because apart from a project having a great team, those are major factors that determines the sustainability of an ICO project.

Tombola has a great team with years of experience, real life application and also a positive impact on humanity. It has all it takes not just to succeed but also to be sustainable. You have nothing to lose by partnering with this great project rather you have everything to gain. I will urge you to be a part of the very few who will be making this great innovation a reality. I know you might be wondering why I used the phrase “the very few”, it was on purpose! Only few individuals have business foresight across the globe and that is why we have more poor people than the rich.

Join people like us in making a decision to be part of this project because it is a win-win opportunity for all. Be part of the ICO which is presently ongoing and you will be glad you did. For more information about the Tombola project and its ICO kindly visit the links below:

ANN THREAD WEBSITE WHITEPAPER MEDIUM TWITTER TELEGRAM YOUTUBE GITHUB LINKEDIN

Author: Sorento

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